The US electronics retail chain Best Buy on Thursday announced it would close 50 stores this year and lay off 400 corporate and support workers as part of a plan to cut $800 million in costs and restructure its business.

“Broad U.S. business activity remains far from being recovered, despite the ongoing GDP-reporting nonsense that shows inflation-adjusted economic activity above the peak levels that preceded the 2007 recession.”

It was simply too expensive to compete with Jimmy Stewart thrifts. It required fraud to show profits. (As Bill Black always says: fraud is a sure thing. It is always the most profitable way to run a business—until you get caught.)

Some of Wall Street’s biggest banks are bracing for fallout from a possible cut in their credit ratings.
Moody’s Investors Service, one of the two big ratings agencies, has said it will decide in mid-May whether to lower its ratings for 17 global

The House of Representatives on Thursday approved a $3.5 trillion budget plan proposed by Rep. Paul Ryan (R-Wis.) on a 228 to 191 vote, largely along party lines.
It was a dramatic departure from the night before, when lawmakers took up a plan bas

1942 Wickard vs. Filburn, "it is hardly lack of due process for the government to regulate that which it subsidizes." A vast increase in political-bureaucratic control over American life, even though the court's ruling rested on mind-boggling econom

While the United States remains mired in the deepest slump since the Great Depression, President Barack Obama is touting a modest improvement in employment over the past several months to boost his electoral prospects in November.

"No government will want its citizens to read this book. Because, in a nutshell, Goyette’s thesis for how individuals are to once again become prosperous: ‘The government must stop.’" - Powell Gammill, Freedom’s Phoenix

Many young people are choosing to live at home for a longer period of time instead of buying. Moreover, would-be homebuyers are settling into modern apartments and condominiums, further hindering a housing rally.

Michigan's Court of Appeals has cleared the way for a team appointed by the governor to come up with a consent deal to keep afloat Detroit, America's historic "Motor City," which could run out of money in months.
The pressure on Detroit is intense

The vast majority of tax breaks in the US tax code would be hard to cut because they promote important social goals or are “hugely popular” with voters, according to analysis that casts doubt on GOP promises to substantially lower tax rates without a

Newtie won’t bring you $2 gas – and forget about BHO. He wants to bring you $8 gas – in line with what Enlightened Europeans pay. But there is a way to fill your tank for about $2 per gallon – using the Fed Funny Money in your pocket, too.

I don't believe in any state intervention in the economy whatsoever, but in the crisis of the early 1980s, then-Fed Chairman Paul Volker headed off a depression and set the stage for a strong recovery by keeping rates very high – on the order of 15-1

It used to be that other than the random bum on the corner, the only time I would be harassed was from the government in the form of taxes or other types of theft, but lately it seems like I can't go anywhere without being besought.